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The October WASDE found more US wheat and more world wheat, with US carryover at 1.043 billion bushels versus 1.015 billion expected. World stocks were estimated at 287.8 million tonnes, above the pre-report 285.17 million, and Australian weather shows limited rain for the wheat belt.
Bigger-than-expected stocks point to ample wheat supplies and softer prices, while Australian dryness could limit upside losses by threatening yield. Feed buyers may see wheat stay competitively priced as a feed grain.
agweek.comRay Grabanski, Progressive AgOct 13, 2019After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
